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29.01.2009

Nobel Laureate critical of IMF policy for Ukraine, Iceland and Pakistan

   

Former World Bank Chief Economist and Nobel Laureate Joseph Stiglitz said in Paris on Tuesday that he believes recent International Monetary Fund’s (IMF) loans will undermine the economies it is trying to help – Iceland, Pakistan and Ukraine.  He says that the IMF has made a number of mistakes, beginning with the Asian financial crisis in 1997, and warns that they are treading on the same rake with regard to Ukraine, Iceland and Pakistan.

IMF loans weaken the economy

Stiglitz considers that the interest rates are too high, and that the monetary policy which the IMF insists on is at variance with financial policy based on economic growth in the United Kingdom and France. “These funds will weaken their economies and ultimately they will be difficult to pay off,” he stated.

.In November the IMF approved a $16.4 billion loan to Ukraine.

From a report at www.dwelle.de

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